Every year at this time, people contemplate new beginnings. When it comes to our happiness, jobs can have a big impact, so if you’re in a job that makes you unhappy for whatever reason, this might be a great time to consider a change to real estate.
The housing market in Mendocino County and throughout California continues to roll along at an impressive pace. Home values have been rising for the better part of a decade, and interest rates remain low. Add to that the fact that many people who are currently in the industry will be retiring in the next several years, and you’re looking at a golden opportunity.
According to the National Association of Realtors, since 2008 most people remain in the same home for an average of almost nine years. With a median age of real estate agents in the U.S. being 53, it’s clear that many of the agents who helped clients buy or sell real estate last year will not be working when those clients are ready to buy or sell again.
Even if someone’s agent is still in the business nine years later, a recent study showed that people often don’t remember who helped them buy or sell their last house. This should be a reminder to current Realtors to stay in touch with former clients, and an encouraging fact for those who want to get into real estate–there’s plenty of business to be had.
Years ago, my colleague Warren Liberty (father of Factory Pipes owner Ross Liberty) said, “A job in sales can be the easiest low paying job or the hardest high paying job.” I’ve been doing this for more than 40 years and I cannot imagine doing anything else. Although it absolutely requires hard work and long hours, it also affords me the flexibility to schedule vacations when I like, attend my children’s sporting events, and be in control of my own financial future.
Most licensed agents can find a job within a day or two in almost any city in the nation. Then it’s up to them to stay in business. Although Realtors affiliate with a brokerage, they are still their own boss.
If this career path is of interest to you, talk to some people. Talk to Nash Gonzales, the real estate instructor at Mendocino College. Talk to a real estate broker or two here in Ukiah. Each one will give you a slightly different perspective on the business, but I guarantee all of them will say they can’t think of a more satisfying career.
As I mentioned, this is a great time to get into real estate. During the next five years or so, you can learn from people who’ve been selling real estate for years (some of them decades). Once they retire, not only will you benefit from their years of institutional knowledge, they can provide you with a book of business in return for referral fees. In most cases, this will be well worth the investment.
As you get further into the business, you may choose to specialize in a certain area: residential, commercial, industrial, ranches/land, agricultural properties, or new development. Each area has laws and practices associated with it, from zoning to water rights. If you’re selling ranches, plan on owning a four-wheel drive vehicle and a pair of sturdy boots. If you want to sell agricultural property in Mendocino County, educate yourself on how soil and terrain affect different types of grapes. If you want to work with a developer to subdivide land and build spec houses to sell, you better be good at details and willing to work with bureaucracy at all levels. Whatever you choose, I welcome you to the wonderful world of real estate.
If you have questions about getting into real estate, please contact me at firstname.lastname@example.org or call (707) 462-4000. If you’d like to read previous articles, visit my blog at www.richardselzer.com. Dick Selzer is a real estate broker who has been in the business for more than 40 years.